An acquisition discount can reflect not only the liquidity demands for unlisted targets but also the strategic requirements, management efficiencies and capital allocations for the listed *** on Officer(2007), the aut...
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An acquisition discount can reflect not only the liquidity demands for unlisted targets but also the strategic requirements, management efficiencies and capital allocations for the listed *** on Officer(2007), the authors choose an acquisition approach to generate an acquisition discount for unlisted targets. In China, unlisted firms are sold at a deeper discount than listed firms. The deeper discount mainly depends on the liquidity demand and the characteristics of the bilateral trading components. Larger bidders tend to pay more, whereas smaller targets are sold at lower discounts. The values of unlisted targets in the TMT industry are underestimated. Furthermore, buying out unlisted targets can significantly increase the abnormal return of public bidders during the announcement *** discounts or stock payments have a positive effect on the stock values of the bidders, whereas this positive increase will be weakened if the bidder is large or has a previous ownership relationship.
Considering the dynamics and diversity of wealth expectations, this paper follows and extends Hall’s consumption function to establish a new dynamic model of housing wealth effect. People are classified into the rich...
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Considering the dynamics and diversity of wealth expectations, this paper follows and extends Hall’s consumption function to establish a new dynamic model of housing wealth effect. People are classified into the rich group and the poor group and a housing wealth effect model is made for each group to explore the relationship between housing wealth effect and social inequality. We get three interesting conclusions which are helpful for further empirical test apart from the former deviation or fallacy.
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